Why Use a Digital CFO
During an unpredictable economic recovery period, businesses cannot afford to have an empty seat in one of their key leadership positions.
We believe that CFOs are the ultimate utility players in an organisation.
They need to seamlessly interact with all parts of the company to gather and disseminate information. At the same time, they need to be a strategic thought partner with the CEO.
We believe that an Interim CFO can keep a company in a safe pair of hands.
Our Digital CFOs provide stability by offering critical financial reporting and business intelligence and moving key projects forward, And enables proactive companies to keep the momentum going.
Our Extensive research shows that an Interim CFO can add tremendous value, but they can also be hard to find and even harder to assess. This is why we have taken the hassle out of hiring a Digital CFO.
Why a Digital CFO might be right for your business.
1. You can choose a Digital CFO who has experience in a similar situation to yours. For example If you are a PE-owned company and need to bring in a short-term finance chief, find someone who has worked for a PE-backed company before.
2. All of our Digital CFOs are known for their past success. When we bring a Digital CFO onboard we always ensure they have a track record of wins. That generally means they have a significant tenure at multiple companies.
3. We group our Digital CFOs by Industry experience. This means It’s much easier to find a Digital CFO who has worked in your industry.
It is much easier to stand at the finance helm of a food manufacturing company if you’ve done it before. The same can be said for software, health care services, or any industry. Each has its jargon and industry-specific practices. While many CFO skills are transferable, success is more probable with like-for-like industry-specific experience.
4. We also try to match our Digital CFOs with companies of a similar size to their experience.
This is because we know that business processes and the organisational structure of a 50-person company are fundamentally different from those of a 5,000-person corporation.
5. Our Digital CFOs know how to tell the story behind numbers. It’s not enough to understand the numbers (sales, revenue, overhead) — you need someone who understands what the numbers mean. When CFOs dig into the story behind the numbers, it lets them naturally ask the right questions — how do they compare with industry averages? How and why are they changing over time? Our Digital CFOs have the work ethic and curiosity to grasp the numbers’ implications instead of merely reporting them.
6. Our rigorous interview processes makes sure the our Digital CFOs have Emotional intelligence. We know that the CFOs job is challenging, particularly if he or she parachutes in for an episodic need and has just a few months to accomplish the tasks at hand.
For the best results, We make sure our Digital CFOs have a high IQ and a high EQ (emotional intelligence). Why? This is because we know an interim CFO needs to quickly gain favour from others in the organisation to gather information and build a story around the numbers (as mentioned above). Our experience tells us that people are less willing to assist an impersonal, unlikeable leader.
7. When we bring a Digital CFO onboard, we always try to verify their background. Research has shown us that job interviews alone are not predictive of success. We try to ensure we have a conversations with key stakeholders in a candidate’s prior roles. We also choose the references; We do not use the references the candidate has given us.
8. Finally we use our mantra - First, do no harm. We believe this is a great way to think about what an interim CFO is hired to do.
We don’t want to bring A Digital CFP on board who is afraid to shake things up; We want to ensure they can keep things moving, perhaps do some cleanup, and if needed, set the stage for a full-time hire. While enthusiasm is a wonderful aspect of a new leader, We know that a short-term Digital CFO should have a stabilising effect, not a disruptive one.